The Nigeria Customs Service (NCS) has announced a remarkable 127% increase in revenue for the first half of 2024, surpassing its target by 8%. According to the NCS national public relations officer, Abdullahi Maiwada, the service generated N2.74 trillion in revenue, exceeding its half-year target of N2.54 trillion.
*KEY FACTORS CONTRIBUTING TO THE REVENUE SURGE*
– The NCS’s e-auction platform generated over N1.34 billion in revenue.
– The 90-day duty payment window for uncustomed vehicles added N4.37 billion to the revenue.
– Intensified anti-smuggling operations resulted in 2,442 seizures with a Duty Paid Value (DPV) of over N25 billion from January to June 2024.
*CHALLENGES FACED BY THE NCS*
– Significant fluctuations in the exchange rate affected revenue collection and operational efficiency.
– Lower volume of transactions and low compliance levels among importers and exporters also impacted the NCS’s performance.
*EFFORTS TO ENHANCE REVENUE COLLECTION AND OPERATIONAL EFFICIENCY*
– Real-time system auditing, post-clearance audits, and verification of documents for the Pre-Arrival Assessment Report.
– Ensuring compliance with import guidelines and implementing a pilot test for the Authorised Economic Operators (AEO) scheme.
*COMMITMENT TO EXCELLENCE*
The NCS Comptroller General, Adewale Adeniyi, has commended the commitment and diligence of NCS personnel, reaffirming the service’s resolve to support the realization of government policies and promote economic growth.